Investing.com - U.S. consumer confidence improved more than expected in June, boosting optimism over the health of the economy and supporting the case for a U.S. interest rate hike this year, industry data showed on Tuesday.
In a report, the Conference Board, a market research group, said its index of consumer confidence rose to 101.4 this month from a reading of 94.6 in May, whose figure was revised from a previously reported 95.4. Analysts expected the index to rise to 97.3 in June.
The Present Situation Index increased from 107.1 last month to 111.6 in June, while the Expectations Index advanced to 94.6 from 86.2 in May.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Over the past two months, consumers have grown more confident about the current state of business and employment conditions."
"Overall, consumers are in considerably better spirits and their renewed optimism could lead to a greater willingness to spend in the near-term," she added.
EUR/USD was trading at 1.1197 from around 1.1200 ahead of the release of the data, GBP/USD was at 1.5752 from 1.5754 earlier, while USD/JPY was at 122.37 from 122.29 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 95.34, compared to 95.30 ahead of the report.
Meanwhile, U.S. stock markets held on to gains. The Dow 30 rose 0.3%, the S&P 500 tacked on 0.4%, while the Nasdaq Composite advanced 0.55%.
Elsewhere, in the commodities market, gold futures traded at $1,169.30 a troy ounce, compared to $1,169.80 ahead of the data, while crude oil traded at $58.89 a barrel from $58.94 earlier.